Prior was +1.78 billionExports $75.16 billion vs $72.77 billion priorImports $72.44 billion vs $70.99 billion prior
This was the largest monthly surplus since January 2025 and is the second month of surpluses.
Energy did the heavy lifting again, up 9.7% after March’s 23.4% jump — and both moves were price, not volume. Crude prices kept climbing on the Iran conflict, and StatCan flags that current-month crude is estimated and prone to fat revisions when prices are this jumpy. March already got marked up nearly $1.2 billion on exports alone. Treat April as a placeholder.
Strip out energy and the offsetting 17.5% drop in metals/minerals, and exports were still up a solid 5.1%. So there’s underlying strength — wheat to China, autos, machinery all contributed. China exports hit a record $3.8 billion. That part’s genuine.
Gold trade has made Canadian trade balance volatile lately. Unwrought gold exports to the UK fell 25.5%, dragging the metals line, while gold flows distort both sides of the ledger month to month.
The surplus with the US widened to $9.5 billion, the biggest since February 2025, on crude and autos. That’s an unwelcome development in USMCA negotiations but it’s the reality of higher oil prices and Trump’s war in Iran. Exports south rose for a third straight month.
This article was written by Adam Button at investinglive.com.